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In our previous article 'Steps to submit e-guarantee in FTA portal', we have learnt the process to submit an e-guarantee in the FTA portal. Once an e-guarantee is submitted and approved, goods imported can be cleared at the Customs. The scenarios of import by non-registrants where an e-guarantee is required are:
The scenarios of UAE import where an e-guarantee is required, are typically scenarios where the importer is not liable to pay VAT on import, on satisfying certain conditions. If the conditions are satisfied, VAT is not liable on the import, whereas if the conditions are not satisfied, the e-guarantee serves as financial security for payment of the VAT due. In cases where the conditions for waiver of import VAT are satisfied, the e-guarantee submitted earlier can be cancelled.
Let us understand the steps to cancel a submitted e-guarantee in the FTA portal.
Step 1:Login to FTA portal.
Step 2:Click the 'VAT' tab as shown below:
Step 3: Click 'VAT 701- E-Guarantee Cancellation form'.
Step 4: Fill in the e-guarantee cancellation form and provide the required information, including the import declaration number, import declaration date and the e-guarantee number.
Step 5: Once the form is filled, click the 'Submit' button.
Step 6: Once the submission of the e-Guarantee cancellation form is done successfully, a confirmation message will appear on the screen, specifying that the request is successful and you will receive a confirmation email.
Hence, non-registrants who import goods in certain specified scenarios are required to submit an e-guarantee for the import in UAE. Once the goods are cleared by Customs and the conditions for waiver of import VAT are satisfied, the e- guarantee submitted earlier can be cancelled by following the process given above.